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14 Aug

Limited liability for sole traders?

  • General

The Office of Tax Simplification (OTS) has updated its papers on the possibility of launching a Sole Enterprise Protected Assets (SEPA) business model for sole traders. SEPA status would allow sole traders to retain the simplicity of sole trader…

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14 Aug

Time to declare offshore assets?

  • Income Tax

HMRC has published a press release to remind taxpayers that the 30 September 2018 deadline to come forward and declare any foreign income or profits on offshore assets is fast approaching. This is the date set out in the Requirement to Correct (RTC)…

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14 Aug

VAT on transfer of business as a going concern

  • Value Added Tax

The transfer of a business as a going concern (TOGC) rules consider the VAT liability on the sale of a business. Normally, the sale of the assets of a VAT registered or VAT registerable business will be subject to VAT at the appropriate rate. Where…

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14 Aug

Duty free limits for travellers

  • Duties

Here is a reminder for travellers of their duty and tax free allowances whilst travelling this summer. Travelling to an EU country Where tobacco or alcohol is brought in from another EU country, no duties or tax will be payable as long as you can…

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14 Aug

New counter-fraud squad

  • General

A new Government Counter Fraud Profession (GCFP) is to be launched on 9th October to help fight fraud in the public sector. The size of the challenge is immense with fraud in the public sector estimated to be between £31 billion and £49 billion.…

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14 Aug

Intellectual property scam

  • General

The Intellectual Property Office (IPO) is warning taxpayers of a new intellectual property (IP) scam, where taxpayers receive unsolicited invitations from companies offering services to help them protect their IP in return for a fee. These usually…

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14 Aug

The Cycle to Work scheme and National Minimum Wage

  • Employee Benefits

There are special rules involving bicycles usually referred to as 'Cycle to Work' arrangements. The Cycle to Work scheme was introduced in 1999 to help promote the use of healthy ways to commute to work. The scheme allows employers to provide…

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14 Aug

HMRC interest rates

  • General

Following the recent increase in the Bank of England base rate to 0.75%, HMRC has announced changes to the rates of interest they charge. The new rates of interest charged on underpaid quarterly instalment payments of 1.75% (was 1.50%), took…

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14 Aug

Corporation Tax computations

  • Corporation Tax

The Office of Tax Simplification (OTS) provides independent advice to the government on simplifying the UK tax system, with the object of reducing compliance burdens on both businesses and individual taxpayers. The OTS operates on a permanent,…

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13 Aug

Employers have published gender pay gap data

  • Payroll

Under new gender pay gap regulations that came into force in April 2017, all employers with over 250 employees are required to report their gender pay gap data. The Government Equalities Office (GEO) has now announced that 100% of UK employers…

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7 Aug

32.5% Corporation Tax on overdrawn directors’ loans

  • Corporation Tax

HMRC defines a director's loan as money taken from your company (by you or other close family members) that isn’t: a salary, dividend or expense repayment and money you’ve previously paid into or loaned the company An overdrawn director's loan…

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7 Aug

Tax free health benefits

  • Employee Benefits

There is no requirement for employers to pay tax and National Insurance on certain health benefits covered by tax concessions or exemptions. For example, there is no requirement to report employees’ medical or dental treatment or insurance if they…

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